Last month, Infinity Property & Casualty Corp. of Alpharetta, Ga., another insurer that had its initial public offering, also lowered its pricing to $16 per share from between $21 and $23 per share. Infinity, which has 20.35 million shares outstanding and is listed on the NASDAQ, is also trading slightly above its debut price. It's currently trading at around $16.05 per share.

At New York-based Fitch Ratings, Jim Auden, senior director, had told National Underwriter that thanks to its short history, Endurance may have what it takes to endure the cold IPO market.

"It doesn't have the legacy issues. The things we are worried about for insurers and reinsurers are adverse developments from prior years, such as asbestos liabilities. But Endurance doesn't have any of that. It has a cleaner balance sheet. So maybe that might help its valuation," Mr. Auden said.

Endurance offers a variety of property-casualty coverage through its subsidiaries in Bermuda, the U.K. and the United States, with an emphasis on catastrophe policies.

The company's primary lines include property individual risk and casualty individual risk, while reinsurance lines include property per risk treaty reinsurance and property catastrophe reinsurance, as well as casualty treaty reinsurance. Chicago-based Aon Corporation owned 26 percent of Endurance before the IPO.

Based on its 64.6 million shares outstanding, Endurance's market capitalization is currently about $1.5 billion.